Donald Trump has Gucci and Golf to Thank for Making Him Richer

Donald Trump spent the last year transforming himself from a plain old billionaire developer to a man poised to be coronated as the Republican nominee for president later this week. He zig-zagged his jet across the country, stood behind an endless array of podiums, called into more cable-news shows than any person in their right mind could stand, and delivered a handful of addresses from the lobby of his Fifth Avenue tower. News of trouble for his brand loomed all the while—a number of partners severed ties with him and he stepped down from his cushy role on The Apprentice. But while everyone was busy focusing on the Donald’s fate as a White House hopeful, his fortune continued to grow.

Trump’s net worth is estimated to have grown to $3 billion in the past year, according to an updated figure from Bloomberg’s Billionaire Index, a slight rise from $2.9 billion a year ago. Much of the increase has to do with the values on Trump-owned properties shooting up. Trump Tower, for example, saw its value increase by $110 million to $600 million over the past year, and its largest tenant, Gucci, forked over more money in rent. The value of the building that houses the Nike store, another Trump-owned property just a stone’s throw from Trump Tower, grew by $50 billion, to $520 billion this year.

Golf, too, added to Trump’s fortune. Revenue at his 16 golf courses and resorts increased by 17 percent over the last year, Bloomberg reports.

That’s not to say that the past 12 months have been pure financial bliss for the G.O.P. candidate. In fact, Bloomberg reports that his debt nearly doubled, to $630 million, largely a result of a line of credit for a Washington hotel project and renovations on another project in D.C. He also sold $50 million in stocks and bonds, and loaned his campaign another $50 million.

Bloomberg’s estimate of the Donald’s net worth varies dramatically from the billionaire’s own assessment, which he has put at more than $10 billion. Forbes, for its part, has claimed it is in the $4 billion range. Bloomberg defended its figure by pointing out the main difference in the valuations. Trump claims his personal brand and ability to license his name is worth $3.3 billion—a figure that Bloomberg said would require a sales multiple of almost 100 (the company with the highest price-to-sale ratio in all the S&P 500 in 18 times sales, according to Bloomberg). The index put the value of the Trump name closer to $35 million.

Trump himself has said that he could “stand in the middle of Fifth Avenue and shoot somebody and I wouldn't lose voters.” Now, it is clear that he can run one of the most scandal-ridden presidential campaigns in history, lose business deals, and still get richer. This way, then, even a loss for Trump the Politician is a win for Trump the Businessman. Maybe that’s what he was after all along.